Devon Energy (NYSE:DVN) Price Target Lowered to $46.00 at Citigroup

Devon Energy (NYSE:DVN) had its price objective reduced by analysts at Citigroup from $48.00 to $46.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Citigroup’s price target indicates a potential upside of 30.43% from the company’s previous close.

DVN has been the subject of a number of other reports. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Piper Sandler lifted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Finally, Truist Financial raised their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.72 during trading on Monday, reaching $35.27. The company’s stock had a trading volume of 3,341,978 shares, compared to its average volume of 7,802,242. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The stock has a market capitalization of $22.89 billion, a P/E ratio of 7.73, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average price of $35.38 and a two-hundred day moving average price of $37.27.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

A number of institutional investors have recently made changes to their positions in DVN. Bridgewater Associates LP purchased a new position in Devon Energy during the third quarter valued at $9,426,000. Legacy Investment Solutions LLC purchased a new position in shares of Devon Energy during the 3rd quarter worth about $8,002,000. Petrus Trust Company LTA grew its stake in shares of Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. boosted its position in Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after buying an additional 198,193 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.